Question

A person invested $7,300 in an account growing at a rate allowing the money to

Answer 1

Answer:

15341

Step-by-step explanation:

\text{Doubling Formula:}

Doubling Formula:

y=a(2)^{\frac{t}{d}}

y=a(2)  

d

t

​  

 

 

a=7300\hspace{40px}d=14\hspace{40px}t=15

a=7300d=14t=15

d is the doubling time

\text{Plug in:}

Plug in:

y=7300(2)^{\frac{15}{14}}

y=7300(2)  

14

15

​  

 

 

y=15341.0469243

y=15341.0469243

Answer 2

Answer:

Step-by-step explanation:

If you deposit $7300 into an account paying 100% annual interest compounded yearly , how much money will be in the account after 15 years?

Result:

The amount is $239206400.

Explanation:

 

A = total amount

P = principal or amount of money deposited,

r = annual interest rate

n = number of times compounded per year

t = time in years